Software for upstream energy industry participants to manage and account for lease, well and yard inventory
Quorum Equipment Inventory Management & Accounting™ is a software solution designed to manage and account for lease, well and yard inventory for the upstream energy industry.
- Manage inventories of lease and well equipment
- Process received goods for purchased stock (e.g. pipe, equipment, spare parts, fuel, consumables, etc.)
- Execute material transfers to account for movement of inventory
- Stock item search for available material across all locations
- User-defined multiple units of measure for different types of stock (e.g. feet, joint counts, units, etc.)
Quorum Equipment Inventory Management & Accounting
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Input Data
- Stock item master
- Stock item characteristics
- Lease & well master
- Yard & warehouse location master
- Material transfers
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Information Managed
- Lease & well equipment inventory
- Yard & warehouse inventory
- Available stock
- Serial numbers
- Stock condition
- Goods received
- Material transferred
- Inventory amounts & volumes
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Processes
- Receive goods to warehouse or yard
- Receive goods to well
- Transfer material from yard to well
- Transfer material from yard to yard
- Revalue stock
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Deliverables
- Online review of available stock by location & condition
- Inventory balances by location within stock item
- Inventory balance by stock items within location
- Material transfer template for intuitive processing
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Output Data
- Execute material transfers
- Average stock price per location by condition
- Inventory balances
- Inventory subledger
- Material transfer journal entries
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Why Quorum Equipment Inventory Management & Accounting?
- User-defined stock item master
- Flexible definition of multiple stock characteristics such as pound per foot, thread size, etc.
- Easy-to-use inquiry for available stock by location and condition.
- Select stock from stock item inquiry to transfer
- Material transfer form that allows "from" and "to" locations for automatic journal entries
- Material transfer handles additions to wells and yards
- Material transfer accommodates well-to-well transfers
- Material transfer allows yard-to-yard transfers
- Material transfer provides for re-valuation of stock
- Default prices per location per condition are provided
- Market rates for charging inventory to the well can be maintained by stock item
- Integrity of design ensures control compliance and support for audit
- Support for variety of pre-configured and ad-hoc reports, as well as business intelligence
- A component of Quorum's enterprise wide energy software solution portfolio - can be deployed stand-alone or integrated with other enterprise solutions
Quorum Equipment Inventory Management & Accounting is used by various industry participants (large and small) in several sectors across the oil and gas, renewable energy and natural resource value chain.
Equipment inventory management and accounting is a key function of the Fixed Asset Accounting business process. Quorum provides other software solutions to support this and other related business processes.
Contact Quorum Business Solutions to learn more about the Quorum Equipment Inventory Management & Accounting software solution.
